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Live Below Your Means for Freedom
Live Below Your Means for Freedom

Live Below Your Means for Freedom

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Naval Ravikant, Babak Nivi
·
2 Clips
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Mar 11, 2019
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Episode Transcript
0:00
Any other big things you should avoid other than renting out your time. Yeah, there are two tweets that I put out that are related. So the first one is talking about real somewhere like how your lifestyle you know has to upgrade shouldn't get upgraded too fast. And that one basically said people who are living far below their means enjoy your freedom that people busy upgrading their Lifestyles just can't fathom and I think that's very important like just a not upgrade your lifestyle all the time to maintain your freedom and it just gives your freedom of operation you basically once you make a little bit of money, you still want to be living like your old self so that just the worry goes away. So don't want to upgrade that house and lifestyle and all that stuff. Let's say you're getting paid $1,000 an hour. The problem is that when you go into a work lifestyle like that, you don't just suddenly go from making $20 an hour to making $1,000 an hour. That's a progression over a long career. And as that happens once subtle problem is that you upgrade your lifestyle as you make more and more money and that upgrading of the
0:59
Kind of UPS what you consider to be wealth and you stay in this wage slave trap. So I forget who said it maybe was nothing till now, but he said, you know the most dangerous things are heroin and a monthly salary right because they're highly addictive the way you want to get wealthy is you want to be poor and working and working and working and this is for example how the tech industry Works where you don't make any money for 10 years and then suddenly in your Levin you might have a giant payday, which is what by the way one reason why these very high marginal tax rates for the so-called wealthy or flawed because the highest risk taking most creative professions, you literally lose money for a decade of your life while you take massive risk and you bleed and bleed and bleed and then suddenly in year 11 or year 15, you might have one single big payday, but then of course Uncle Sam show up and basically say, hey, you know what you just made a lot of money this year. Therefore you're rich Therefore your evil and you got to hand it all over to us. So it just destroys those kinds of creative risk-taking professions. But ideally you want to make your money in
1:59
Discrete lumps separated over long periods of time so that your own lifestyle does not have a chance to adapt quickly and then you can basically say, okay now I'm done now. I'm retired now, I'm free. I'm still going to work because you got to do something with your life, but I'm going to work on only the things that I want when I want and still be much more creative expression that much less about money.
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